ChevronTexaco, Unocal seen in talks

ChevronTexaco Corp. , the U.S. No. 2 oil company, declined to comment on Thursday on a newspaper report that it is considering a bid to buy smaller rival Unocal Corp.

The Wall Street Journal reported the possible bid in its online edition on Thursday, citing people familiar with the matter.

“We do not comment on rumors or speculation in regards to mergers and acquisitions,” said a spokeswoman from ChevronTexaco.

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The report comes a month after China National Offshore Oil Corp., China’s top offshore oil and gas producer, was reported to have entered into talks with Unocal, which has a market value of about $14 billion.

Unocal, the U.S. No. 9 oil and natural gas producer, has for years been labeled a takeover target, the Journal said.

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Unocal has historically underperformed peers and struggled with production declines but its profits jumped last year on surging energy prices spurred by growing demand from Asia and tight supplies.

No one from El Segundo, California-based Unocal was immediately available to comment.

Unocal shares closed at $53.30 on the New York Stock Exchange on Wednesday, off a new high of $55.26 on Monday, while ChevronTexaco shares closed at $61.57.